Naphtha Cracks plunge to 8 month lows, Asian naphtha falls

Naphtha cracks in Asia have plunged to 8 month lows and Asia's naphtha price fell to three-week low, as oversupply dragged down sentiments despite demand from South Korea. LG Chem has purchased 100,0000 tons of naphtha from three sellers for H1-August arrival at Daesan and Yosu at discounts of US$4.

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Recovery in bank lending gets SABIC US$1.2 bln financing for expansion plans

Recovery in bank lending in Saudi Arabia has helped Saudi Basic Industries Corp (SABIC), get a SR 4.5 bln (US$1.2 bln) credit facility to finance expansion plans. An agreement has been signed with Nattional Commercial Bank and will contribute to the company’s strategy of expansion and growth.

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China-Taiwan trade deal poses threat for South Korea

The Economic Cooperation Framework Agreement - a trade agreement has been signed between Chin and Taiwan, helping lift tariffs on 539 products from Taiwan and 267 products from China. This pact is likkely to pose a threat to Korean exports, as it will give Taiwanese companies, particularly in the information technology sector, an advantage over Korean competitors in exporting to China.

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Formosa advances ethylene plant maintenance by a month

Taiwan’s Formosa Petrochemical Corp. has rescheduled a 40-45 day maintenance shutdown from September to mid August at its No. 2 ethylene plant. The change has been made to adjust to a contractor’s schhedule.

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Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended June 28, 2010

CRUDE OIL
Crude oil has witnessed volatility in the week of Jun 28, 2010. Oil started the week at US$76 a barrel and sharply rose above US$79 by end of wweek.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended June 28, 2010 click here

Genetically engineered virus converts methane to ethylene more efficiently at a significantly lower temperature

A team of molecular biologists and materials scientists said Monday they had genetically engineered a virus to convert methane to ethylene more efficiently and at a significantly lower temperature thaan previously possible.

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Arkema gets EPA approval for commercial sales of Graphistrength MCNTs in USA

Arkema has received EPA (Environmental Protection Agency) approval for commercial sales of its Graphistrength multiwall carbon nanotubes (CNTs) in the United States of America. This approval gives go ahead to its’ US subsidiary to assist its existing and prospective customers in the US currently conducting research and application tests involving CNTs with their commercial development on a larger scale.

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Carbon fiber maker Toho Tenax to strengthen strategic initiatives in global aerospace sector

Toho Tenax Co. Ltd. is significantly strengthening its strategic initiatives in the global aerospace market. This move is an effort towards expansion of the core company of Teijin Group's carbon fiberrs business, in its carbon fiber business.

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Arkema to acquire balance stake in Vinyl Production JVs in France and Spain

With effect from July 1 2010, Arkema will be the sole shareholder of Vinylfos and Vinylberre. Arkema and SolVin have concluded an agreement for the purchase of their reciprocal minority interests withhin their joint production entities for VCM (Vinylfos and Vinilis) and PVC (Vinylberre and Vinilis).

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Plastic caps and closures market to reach US$4.26 bln by 2016

While safety regulations imposed on chemical containers is hiking the uptake of child resistant closures, user friendliness of closures is spawning the use of dispensing closures in food and condimentt related applications.

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PP offers lowered to Asia by producers

Several PP producers announced lower offers to the Asian market at the start of the week, indicating that at least the higher end of the Asian PP market seems set to slide again after holding largely steady during the past week.

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PTT outlines 20 year investment plan

Thailand’s largest oil and gas firm PTT is in the process of outlining a 20 year investment plan. Expected to be completed before August, it will be submitted to PTT's Board of Directors for formal appproval.

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Crude oil witnesses volatile week

Crude oil has witnessed volatility during the previous week- starting the week at US$76 a barrel and sharply rising above US$79 by end of week. Rough weather in the Caribbean Sea threatened to progresss into a hurricane in the Gulf of Mexico, pushing oil prices up on speculation that oil supply could be damaged.

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Qinghai Salt Lake Industry Group selects Arkema’s PVC production processes

Chinese company Qinghai Salt Lake Industry Group Co., Ltd has selected Arkema's PVC production processes for a 230,000 tpa PVC Suspension production plant, a 35,000 tpa PVC Emulsion plant, and a 6,0000 tpa Chlorinated PVC plant.

For more details on Qinghai Salt Lake Industry Group selects Arkema’s PVC production processes click here

Egyptian HDPE and PVC producers plan maintenance shutdown in July

Egyptian HDPE producer SIDPEC is planning a 2-3 week maintenance shutdown in H2-July as per Chemorbis. In a bid to ease supply concerns in the market where high MI HDPE injection availability has beenn tight for some time, the producer has stock to meet the market’s needs for HDPE film and blow moulding until the beginning of August.

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A simple new method produces large quantities of nanomaterial graphene

A simple new method for producing large quantities of the nanomaterial graphene has been developed by researchers at Rensselaer Polytechnic Institute. The new technique works at room temperature, needds little processing, and paves the way for cost-effective mass production of graphene.

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Production to commence at Cabot’s black masterbatch making facility in Dubai

Production is scheduled to commence in August 2010 at Cabot Corporation’s black masterbatch manufacturing facility in the Jebel Ali Free Zone, Dubai. Initial production capacity at the plant is 25,0000 tpa, which is scalable upto 75,000 tons.

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Satorp Completes $8.5B Financing For Jubail Refinery

Saudi Aramco Total Refining and Petrochemical Company (SATORP) has signed finance documents for senior project finance facilities to the tune of US$8.5 bln secured for the Jubail refinery. The senior loan facilities have a tenor of 16 years with an all in pricing of 1.

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Ethylene shortfall likely in China by 2015 as demand growth surpasses capacity increases

China could see an ethylene shortfall by 2015 as demand growth will surpass increases in capacity. Ethylene consumption is expected to rise 4.5% pa to 29 mln tons by 2015 while production capacity is estimated to reach 20 mln tons as per Sinopec.

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Polyolefin weakness likely to continue in China

Downward pressure is likely to continue on polyethylene and polypropylene prices in China over the next few months on account of several factors including a persistent inventory overhang, new supply aand weak construction and auto markets, along with falling US PE prices that raising concerns over very competitively-priced imports from USA as per ICIS.

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Declining US polypropylene contract prices expected to continue falling next month

US Polypropylene (PP) contract prices, that have fallen by 8 cents/lb (US$176/ton) in the previous month, are likely to drop a few cents in July, as per ICIS. Large-volume PP buyers saw drops identicaal to PGP contract prices that fell by 12 cents/lb in May and 8 cents/lb in June.

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Indian Government plans policy to boost R&D activities for petrochem sector

To improve the image of the country in petrochemical exports, the Indian government has instituted a national policiy to provide impetus to research and development (R&D) activities in this field. Currrently, the industry’s R&D expenditure stands at around Rs 220 crore, about 1% of the total industry turnover.

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Gloucester Engineering files for voluntary reorganization under Chapter 11

Gloucester Engineering Co, USA’s leading film extruder manufacturer has filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code as per plasticsnews. The US Bankruptcy Court in Boston will have to decide whether to accept the Chapter 11 filing.

For more details on Gloucester Engineering files for voluntary reorganization under Chapter 11 click here

PE prices near costs in Asia: decreasing trend slows down

A downtrend persisted in spot PE prices in Asia this week in the face of persistently poor buying interest. As per Chemorbis, the pace of the decreases has slowed down in general, while a few productss saw some slight up-ticks at the low end of the overall range, as PE sellers are beginning to face cost pressure as upstream crude and naphtha prices have firmed up while Asian ethylene prices have declined at a slower rate than PE prices since the beginning of June.

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GCC and EU free-trade agreement hampered by Saudi export tariff

After two decades, disparities between the GCC and the EU on a free-trade agreement (FTA) have narrowed down to export duties -Saudi Arabia wants to impose tariffs on its petrochemical exports. EU hadd suggested Saudi Arabia could impose duties on a percentage of export products, but the GCC insisted on imposing them across the board.

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Naphtha prices dip, cracks recover to 3-session high

Open Spec naphtha for H1-August fell by over ten dollars to US$659/ton CFR Japan. Naphtha prices in Asia fell for the third consecutive session to dip to two-week lows. Demand from Taiwan has triggereed naphtha cracks to recoil marginally by over five dollars to US$91/ton to settle at a three-session high.

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Indian Oil Corp plans to export polymers to Pakistan by surface transport from Panipat

State-owned Indian Oil Corp. plans to export polymers into Pakistan by rail or road across the Punjab border, from its plant in Panipat. In an unprecedented move, buyers in Pakistan will be able to taake delivery of imported cargoes directly at Lahore, instead of the Karachi, as per Platts.

For more details on Indian Oil Corp plans to export polymers to Pakistan by surface transport from Panipat click here

Higher polypropylene prices in Europe PP lead to a flood of import offers

The level of polypropylene (PP) prices in Europe, that are currently higher than any other region in the world, has led to a flood of import offers. Sellers from other regions attempt to take advantagge of price levels unseen elsewhere globally, as per ICIS.

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Lummus Technology awarded licensing and engineering contract for Ning Bo Heyuan’s methanol-to-olefins recovery unit

Lummus Technology has been awarded a licensing and engineering contract by Chinese company Ning Bo Heyuan Chemical Company Ltd. provide services to Ning Bo’s DMTO methanol-to-olefins recovery unit, annd an Olefins Conversion Technology (OCT) unit.

For more details on Lummus Technology awarded licensing and engineering contract for Ning Bo Heyuan’s methanol-to-olefins recovery unit click here

Foster Wheeler subsidiary awarded contracts by STRAS for planned grassroots refinery at Turkey

Foster Wheeler AG’s subsidiary has been awarded contracts by SOCAR & TURCAS Rafineri A.S. (STRAS) for its planned grassroots refinery to be built within the Petkim Petrokimya A.S. (PETKIM) facilities at Aliaga, Turkey.

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Tender for expansion of PetroRabigh to be floated by mid-2011

Sumitomo Chemical and Saudi Aramco are carrying out front-end engineering studies for expansion of their joint venture Rabigh Refining and Petrochemical Co (PetroRabigh). Results of the studies are eexpected by the end of 2010.

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EPC contract for Nghi Son refinery and petrochemical project to be inked

Kuwait Petroleum International (KPI) along with its Vietnamese and Japanese counterparts is set to sign an engineering, procurement and construction (EPC) contract for the jointly-owned Nghi Son refinnery and petrochemical project.

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Royal DSM N.V. inaugurates Stanyl® ForTii™ Production Unit

Royal DSM N.V. has today inaugurated its new Stanyl® ForTii™ Production Unit, quadrupling production capacity for Stanyl ForTii in a bid to meet market demand used in mobile phones and other electroniic applications such as circuit boards used in personal computers.

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Taiwan’s Far Eastern New Century Corp to develop recyclable and biodegradable materials

Taiwanese petrochemical and textile firm Far Eastern New Century Corp. plans to expand its green energy business by developing more recyclable and biodegradable materials. The company's 5 year developpment project of NT$100 bln (US$3.

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Naphtha sales from KPI’s Sicilian refinery to be slashed in July

Kuwait Petroleum International (KPI) plans to slash naphtha exports from its refinery in Sicily. The subsidiary of Kuwait Petroleum Corp plans to sell one cargo of 26,000 metric ton naphtha from its MMilazzo refinery in July, vs three this month, abandoning its initial plan of selling two cargoes totalling 52,000 tons in July.

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Oil prices retreat to US$77

Crude oil futures for July delivery have fallen to US$77.2 on uninspiring data released by a report on US existing home sales, a rising dollar, and news of an increase in US commercial crude oil invenntories.

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Petrochemical prices decline at a faster pace in May

Prices fell at a faster pace in the global petrochemicals market with the average daily price of Platts Global Petrochemical Index (PGPI) dropping 7.5% from US$1237/MT in April to US$1144/MT in May. TThe index, a basket of the most widely used petrochemicals prices published by Platts, had been falling since mid-April.

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Italian Polystyrene players agree on weak July outlook

Over the past week, Italy’s PS market was lackluster as buyers preferred to buy on a hand to mouth basis. As per Chemorbis, the main reason behind buyers’ cautious behavior was their confidence of furrther decreases by European PS producers next month.

For more details on Italian Polystyrene players agree on weak July outlook click here

Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended June 21, 2010

CRUDE OIL
Crude oil prices have risen to levels past US$77 in the week of June 21, 2010. Towards the end of the week, prices for July rose to its highest intraday price in 6 weeks to US$78.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended June 21, 2010 click here

Emmbi Polyarns acquires 25% stake in international marketing company Global Bag

Emmbi Polyarns Limited has announced acquiring a 25% stake in international marketing company - Global Bag, a Czech Republican company. The deal size has not been disclosed. Global Bag is engaged in mmarketing of agricultural storage equipments and packaging from an Austrian company, Silagro Gmbh.

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Petrobras plans to invest US$5.1 bln in petrochemicals in 2010-14

Brazil's state owned energy firm Petrobras plans an investment outlay of US$5.1 bln in petrochemicals for the time period 2010-14. This indicates a fall in the outlay amount of US$5.6 bln spent in 20009-13.

For more details on Petrobras plans to invest US$5.1 bln in petrochemicals in 2010-14 click here

Foreign firms bid for Vietnam's 200,000 bpd Nghi Son refinery

Companies from Japan, South Korea, Italy and the United States have bid to build the proposed 200,000 bpd Nghi Son refinery in Vietnam- the country’s largest. Petrovietnam is developing the refinery iin Nghi Son, in a venture with Kuwait Petroleum International, Japan's Idemitsu Kosan Co and Mitsui Chemicals.

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Huntsman announces US$110 mln debt pre-payment

Huntsman Corporation has announced prepayment of a US$110 mln under its senior secured credit facilities. Commenting on the pre-payment, Kimo Esplin, EVP and CFO, stated, "The pre-payment equates to the amount we received from our reinsurance carriers in settlement of Huntsman's claims related to losses occurring as a result of the April 29, 2006, fire at our Port Arthur, Texas, olefins facility.

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Assam to get investment from Gujarat based polymer processors

About six to seven plastic processing companies from Gujarat have decided to set up units at the upcoming Tinsukia Plastic Park in Assam for a total investment close to Rs 150 crore in response to Asssam Industrial Development Corporation Ltd's (AIDCL) campaign to attract investors to the Plastic Park project.

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Flexibility of the yuan could mar competitiveness of petrochem makers in China

Petrochemical producers in China could become less competitive in global markets as the yuan strengthens. As per ICIS news, the country’s recent moves to enhance the yuan’s flexibility and further refform its currency regime could mar competitiveness of export-dependent domestic players.

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Foster Wheeler awarded contract for 3 steam generators for ethylene plant

Foster Wheeler AG has been awarded a contract in China to design and build three steam generators for Sinopec Wuhan. The circulating fluidized-bed generators will be for Sinopec Wuhan’s cogeneration pplant with capacity to produce 800,000 tpa of ethylene.

For more details on Foster Wheeler awarded contract for 3 steam generators for ethylene plant click here

SK Energy to spin off petrochemical units to boost stagnating bottom line

SK Energy plans to spin off petrochemical divisions as independent subsidiaries in January 2011, to boost bottom line since revenue streams from conventional petrochemical markets show signs of saturaation.

For more details on SK Energy to spin off petrochemical units to boost stagnating bottom line click here

PET prices weaken on diminishing feedstocks, lackluster demand

Across the globe, spot PET prices have weakened in line with softening feedstock costs and poor demand, as per Chemorbis. Concerns about the health of the global economy and relatively mild weather inn Europe have acted to restrain buying interest in the conventional high season for global PET demand.

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Nigerian state oil company inks MOU with Chinese for oil refineries, petrochemical plant

In a US$23.8 bln deal, China State Construction Engineering Corp. Ltd. and Nigerian National Petroleum Corp. - Nigeria's state-run oil company have inked a memorandum of understanding to create three oil refineries and a petrochemical plant.

For more details on Nigerian state oil company inks MOU with Chinese for oil refineries, petrochemical plant click here

June naphtha exports to Asia estimated to drop 40%

A 40% drop in naphtha exports to Asia in being anticipated as refiners lift supply and prices in Singapore discourage shipments from Europe, as per Bloomberg. Based on a survey of four Europe based trraders, cargoes of at least 210,000 metric tons have been booked to Asia for loading in early June.

For more details on June naphtha exports to Asia estimated to drop 40% click here

Partners prepare to sign EPC contract for Nghi Son refinery and petrochemical complex in Vietnam

Vietnamese and overseas partners are preparing to sign an Engineering, Procurement and Construction (EPC) contract for the Nghi Son refinery and petrochemical complex. Value of the contract is to be mmade public in October 2010 for the largest EPC petrochemical project in Vietnam.

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SK Energy to focus on E&P, R&D of energy, to spin off refining and petrochemical sectors

Asia's No.4 crude oil refiner SK Energy, plans to focus on exploration and production of oil, and research and development of energy. The South Korean major plans to spin off its crude oil refining annd petrochemical businesses to improve competitiveness by Jan.

For more details on SK Energy to focus on E&P, R&D of energy, to spin off refining and petrochemical sectors click here

Persistent fall continues in styrene prices in Asia and Europe

Despite a rise of US$4 per barrel in oil prices since beginning of the month, styrene prices continue to lose grounds in Asia and Europe causing buyers to anticipate decreases in PS markets as per Cheemorbis.

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Taiwan to ink economic cooperation framework agreement with China by month end

Taiwanese government targets the date of June 30 to sign an economic cooperation framework agreement (ECFA) with China. The ECFA remains largely unchanged, but few differences remain to be resolved. TThe administration believes that the ECFA will usher in substantial benefits for Taiwan economy, despite continuing criticisms from certain circles in the country.

For more details on Taiwan to ink economic cooperation framework agreement with China by month end click here

E.I. DuPont pays civil penalty of US$59000 for violation of Clean Water Act in Kinston

The U.S. Environmental Protection Agency has settled with E.I. DuPont de Nemours and Company for the discharge of pollutants in violation of the Clean Water Act at its polymer fiber manufacturing faciility in Kinston, N.

For more details on E.I. DuPont pays civil penalty of US$59000 for violation of Clean Water Act in Kinston click here

Formosa Petrochem to augment crude processing capacity to 593,000 bpd

Formosa Petrochemical Corp plans to augment its crude oil processing capacity from 540,000 bpd to 593,000 bpd in three years. Government approval is being sought to further increase capacity to 720,0000 bpd.

For more details on Formosa Petrochem to augment crude processing capacity to 593,000 bpd click here

Crude oil prices rise, remain range bound

Crude oil prices for July rose to its highest intraday price in 6 weeks to US$78.6 on the Nymex, as markets get more confident of global economic recovery after China indicated an end to the yuan’s fiixed rate to the dollar.

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US$ 9 bln expansion planned by Reliance Industries Ltd of its polyester and petrochemicals business

Reliance Industries Ltd (RIL) plans to invest US$9 bln in expansion of its polyester and petrochemicals business. RIL is executing a 1.4 mln tpa paraxylene plant at Jamnagar; an integrated 2.3 mln tpaa purified terephthalic acid (PTA) plant with a 5,40,000 tpa polyethylene terephthalate (PET) complex at Gandhar; and 3,60,000 tpa polyester filament yarn plant at Silvassa.

For more details on US$ 9 bln expansion planned by Reliance Industries Ltd of its polyester and petrochemicals business click here

Softer import markets exert downward pressure on domestic prices in SE Asia

Sellers offering throughout Southeast Asian markets are complaining of stiff downward pressure from relatively cheaper import prices, resulting in falling prices or expectations of price declines in mmost of the region’s local polymer markets, as per Chemorbis.

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US$ 9 bln expansion planned by Reliance Industries Ltd of its polyester and petrochemicals business

Reliance Industries Ltd (RIL) plans to invest US$9 bln in expansion of its polyester and petrochemicals business. RIL is executing a 1.4 mln tpa paraxylene plant at Jamnagar; an integrated 2.3 mln tpaa purified terephthalic acid (PTA) plant with a 5,40,000 tpa polyethylene terephthalate (PET) complex at Gandhar; and 3,60,000 tpa polyester filament yarn plant at Silvassa.

For more details on US$ 9 bln expansion planned by Reliance Industries Ltd of its polyester and petrochemicals business click here

Planned trade pact with China to benefit only fraction of oil products requested by Taiwanese oil industry

Only a fraction of oil products requested by the Taiwanese oil industry will benefit from the planned wide-ranging trade pact with China. Hence Formosa Petrochemical Corp. is concerned about rising coompetition from Asean countries for oil products exports to China.

For more details on Planned trade pact with China to benefit only fraction of oil products requested by Taiwanese oil industry click here

Solid demand growth in China, India, emerging Asian economies to shape world oil markets in 2010

Solid demand growth in China, India and emerging Asian economies including the Middle East, is the key factor that will shape world oil markets and prices in 2010, experts said at the Oil & Petrochemiicals Market Briefing.

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Strategic assessment of the bioplastics market in Brazil and Mexico

Both Brazil and Mexico are nascent markets for Bioplastics, currently under pilot scales in a several companies, making inroads into segments such as food packaging and agriculture films. As per Frostt & Sullivan's new report, large production scales in Brazil are expected to give a new shape to this market in the region.

For more details on Strategic assessment of the bioplastics market in Brazil and Mexico click here

IOC sets aside plans of an oil refinery in Turkey; to focus on acquiring overseas hydrocarbon asset

Indian Oil Corp had earlier announced plans to set up a 15 mln ton integrated refinery-cum-petrochemicals complex at Ceyhan, Turkey at an investment of US$6 bln. IOC has decided to set aside plans of establishing an oil refinery in Turkey as it does not intend to sink in all its funds in one single project.

For more details on IOC sets aside plans of an oil refinery in Turkey; to focus on acquiring overseas hydrocarbon asset click here

World-class capabilities for leading-edge scratch-resistant automotive polycarbonate glazing

New scratch and abrasion evaluation capabilities, including new methods and processes, to differentiate, measure, test and prevent surface damage to polycarbonate (PC) glazing for high-performance auttomotive glazing applications have been developed by SABIC IP.

For more details on World-class capabilities for leading-edge scratch-resistant automotive polycarbonate glazing click here

Two major shareholders in talks to divest stakes in Titan Chemicals

Taiwan's Chao Group and Permodalan Nasional Bhd (PNB) - two major shareholders in Titan Chemicals Corp Bhd are in talks to divest their 37.4% and 30.2% stakes respectively, in the petrochemical companny.

For more details on Two major shareholders in talks to divest stakes in Titan Chemicals click here

Cereplast to produce 16 million lbs of proprietary bio-plastic resins in 2010

Cereplast Inc. expects to produce and ship approximately 16 million lbs of its proprietary bio-plastic resins to customers in 2010- a 400% increase in shipments compared to 2009. Cereplast has inked nnew global distribution agreements with several companies, including multi-billion dollar corporations Ashland Distribution, a commercial unit of Ashland Inc.

For more details on Cereplast to produce 16 million lbs of proprietary bio-plastic resins in 2010 click here

Appraisal of Kuokuang Petrochemical Technology Co.'s petrochem complex continues

Environmental groups have evaluated that the environmental hazards of Kuokuang Petrochemical Technology Co's new petrochemical complex planned at Yunlin will far outweigh the economic gains claimed byy investors and government agencies.

For more details on Appraisal of Kuokuang Petrochemical Technology Co.'s petrochem complex continues click here

Oil prices continue to surge despite unexpected increase in crude supplies

Benchmark crude for July delivery rose to US$77.6 on the New York Mercantile Exchange. Oil prices continue to be on an uptrend despite release of data in a government report showing unexpected increasse in crude supplies last week by 1.

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Songwon establishes a strong foundation in India and South East Asia

Songwon has established Songwon International India Pvt. Ltd., located in Mumbai as the headquarter for Songwon activities in India and South East Asia.
Dieter Morath, Executive Vice-President EMEA of Songwon International AG, said: "The establishment of Songwon International - India Pvt.

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DSM alliance with ARAI to provide sustainable solutions for Indian automotive industry

Automotive Research Association of India (ARAI) and DSM are in an alliance for automotive developments in India. This alliance will provide sustainable solutions for the automotive industry through thhe shared knowledge of both companies in understanding industry requirements and their interaction with applications and materials.

For more details on DSM alliance with ARAI to provide sustainable solutions for Indian automotive industry click here

Durable and lightweight consumer products key to PE, PP demand growth beyond 2010

Consumer products that are more durable and lightweight will be the key factor boosting global polyethylene and polypropylene demand beyond 2010, as per Massimo Covezzi, senior vice president for LyonndellBasell Industries Research and Development division, as reported in Platts.

For more details on Durable and lightweight consumer products key to PE, PP demand growth beyond 2010 click here

PVC prices rise in Italy, market outlook continues to be firm

In Italy, the PVC market has been following a stable to firmer trend since the beginning of the year, as per Chemorbis. Following the €10-20/ton increases in May, sellers approached the Italian markett with price hike targets as high as €50-60/ton for June, mainly triggered by recent production issues, expectations of better demand and the need to improve their margins.

For more details on PVC prices rise in Italy, market outlook continues to be firm click here

Innovative foldable stroller with a focus on comfort, practicality and safety

A new and innovative foldable stroller with a focus on comfort, practicality and safety-
the BABYZEN stroller has been designed by the French company Advanced Baby Concepts (ABC) with engineering suupport of Scalea Innovation.

For more details on Innovative foldable stroller with a focus on comfort, practicality and safety click here

Performance of automotive and construction sector to determine recovery of US petrochemicals

Recovery of the US petrochemicals market began in H2-09 led by linear low-density polyethylene (LLDPE) and high-density polyethylene (HDPE), but in the long-term the market will be determined by the pperformance of key petrochemicals consuming industries such as car production and construction which have witnessed significant set-backs due to the recession, according to Business Monitor International’s Report.

For more details on Performance of automotive and construction sector to determine recovery of US petrochemicals click here

May naphtha imports for petrochemicals rise by 50% in Japan

Aided by a weak baseline in 2009, Japanese naphtha imports for the petrochemical sector have risen by 51.9% in May from a year ago, as per government figures. Imports of naphtha for ethylene productioon amounted to 1,776,324 kilolitres (1,237,633 tons) in May, as per the trade ministry.

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New mid-year plant start-up record for Bottle-to-Bottle PET recycling

The recycling of post-consumer PET bottles is booming in Europe for a variety of ecological and economical reasons. This can also be seen in a commissioning record for PET recycling systems for the coompany EREMA®.

For more details on New mid-year plant start-up record for Bottle-to-Bottle PET recycling click here

Oil prices hover around US$77 amid rising stock markets await statement on BP oil spill

Cruse oil for July delivery have spiked by almost two dollars to levels just below US$77 on the Nymex as the euro rose vs the dollar though Moody's Investors Service slashed Greece's credit rating to junk status on Monday.

For more details on Oil prices hover around US$77 amid rising stock markets await statement on BP oil spill click here

Alinma Bank to grant US$1 bln credit facility to SABIC

In a move that will plug a gap in financing petrochemical projects at SABIC, Saudi Arabia based Alinma Bank is to grant US$1 billion credit facility that complied with Islamic law to SABIC- world numbber one world's biggest petrochemicals group.

For more details on Alinma Bank to grant US$1 bln credit facility to SABIC click here

Upcoming capacities to impact PP prices in Asia

Losses in crude oil, bearish buyer’s sentiments amid plunging PP production costs have triggered a downward trend in Asian PP markets since the first half of May, as per Chemorbis. According to ChemOrrbis Price Indexes, import homo-PP prices came down by US$130-185/ton in China and by US$140-150/ton in Southeast Asia since H1-May.

For more details on Upcoming capacities to impact PP prices in Asia click here

Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended June 14, 2010

CRUDE OIL
Crude oil prices have risen to hover around US$75 in the week of June 14, 2010. Monday ushered in strong crude oil prices in Asia but high inveentory levels keep market sentiments bearish.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended June 14, 2010 click here

Pakistan Govt to withdraw fiscal incentives to PTA

The government has decided to withdraw fiscal incentives available to Pure Terephthalic Acid (PTA) after the European Union (EU) imposed a 9% anti subsidy duty on Pakistan Polyethylene Terephthalate ((PET), as reported in Business Recorder.

For more details on Pakistan Govt to withdraw fiscal incentives to PTA click here

Conductive bioplastics to boost performance of bionic devices in humans

Conductive bioplastics that will boost the performance of bionic devices such as the cochlear ear and the proposed bionic eye has been developed by biomedical engineer Rylie Green of University of Neww South Wales (UNSW).

For more details on Conductive bioplastics to boost performance of bionic devices in humans click here

HDPE production to rise to 150,000 tons at Iran’s Bandar Imam Khomeini

Rising from 60,000 tpa, annual production of high-density polyethylene (HDPE) at Iran’s Bandar Imam Khomeini Petrochemical Company will rise to 150,000 tons. 445 billion rials have been spent on impleementation of the expansion project.

For more details on HDPE production to rise to 150,000 tons at Iran’s Bandar Imam Khomeini click here

Petrochemicals included in agreement to eliminate trade barriers between Indonesia and Iraq

Indonesia and Iraq have agreed to eliminate trade barriers and provide incentives to increase bilateral trade volumes. Agreement has been reached to establish a task force in the next three months to identify barriers in bilateral trade and investment, and also to explore actions and possible incentives to promote the two countries' trade volume.

For more details on Petrochemicals included in agreement to eliminate trade barriers between Indonesia and Iraq click here

US demand for cast polymers to grow 5.4% pa through 2014

Demand for cast polymers is forecast to increase 5.4% pa to 216 mln sq ft in 2014 as per Reportlinker.com. Cast polymers will continue to gain market at the expense of more traditional decorative surffacing materials, such as laminates, especially in the residential countertop market.

For more details on US demand for cast polymers to grow 5.4% pa through 2014 click here

Bemis inks deal to sell two US facilities to Exopack

Flexible packaging materials supplier Bemis Company Inc has inked a definitive agreement to sell it’s facilities at Menasha, Wisconsin, and Catoosa, Oklahoma to Exopack Holding Corp for US$81 mln. Thee two facilities focus on the production of plastic packaging for retail natural cheese and shrink bags for fresh red meat.

For more details on Bemis inks deal to sell two US facilities to Exopack click here

Cuts in operating rates at Asian crackers to support the region’s ethylene market

Speculation on the direction of Asia’s spot ethylene market is dominated by the possibility of cuts in operating rate by cracker operators in the region, as per Chemorbis. Though some sellers anticipaate the market to find support from lower operating rates, another school of thought predicts a further downtrend as new capacities start up.

For more details on Cuts in operating rates at Asian crackers to support the region’s ethylene market click here

New layer multiplication’ technique to increase barrier and formability in food packaging

Microlayer technology for thick film and sheet that promises to extend the shelf life of retort, hot fill, and flexible food packaging, while increasing formability in thermoforming, has been developeed by Extrusion Dies Industries, LLC (EDI).

For more details on New layer multiplication’ technique to increase barrier and formability in food packaging click here

Texas seeks court intervention vs EPA over regulation of emissions from oil refineries, petrochemicals plants

The American state of Texas has asked a federal court to intervene in its tussles with the Environmental Protection Agency (EPA) over how it regulates emissions from oil refineries and other petrochemmicals plants.

For more details on Texas seeks court intervention vs EPA over regulation of emissions from oil refineries, petrochemicals plants click here

Reliance Industries mulls US$3 bln investment in Jamnagar

Reliance Industries is reported to be mulling an investment of US$3 bln to expand its petrochemicals unit in Jamnagar. A 2 mln ton plant is being planned in Jamnagar with gas as feedstock that will bee sourced from its refining operations.

For more details on Reliance Industries mulls US$3 bln investment in Jamnagar click here

Naphtha profit rises in Asia in anticipation of demand boost on economic recovery

Profit from processing crude oil into naphtha rose in Asia on signs an economic recovery will boost demand for petrochemicals as per Bloomberg. Naphtha swaps discount to benchmark Dubai crude reduced by US$1.

For more details on Naphtha profit rises in Asia in anticipation of demand boost on economic recovery click here

PTT Polyethylene to decrease run rates by 5% from May at steam cracker in Map Ta Phut

Thailand's PTT Polyethylene expects to decrease run rates by 5% from May at its steam cracker in Map Ta Phut. This will bring down operating rates to an average of 60% for June at the cracker with nammeplate capacity of 1 mln tpa ethylene and 25,000 tpa propylene.

For more details on PTT Polyethylene to decrease run rates by 5% from May at steam cracker in Map Ta Phut click here

Microscopic polymer fibres that rebuild human tissue and mend hearts

Researchers are creating microscopic polymer fibres helpful in rebuilding human tissue and mending hearts. Brian Amsden, chemical engineering professor at the Queen's University and fellow workers froom the universities of Western Ontario and Toronto, are making attempts to create the technique in which stem cells from fat are put on a polymer prosthetic, which actuates the growth of cell growth and that is later implanted into an individual's body.

For more details on Microscopic polymer fibres that rebuild human tissue and mend hearts click here

Crude prices on the rise, but high stockpiles keep sentiments bearish

Light, sweet crude futures for delivery in July traded at just a cent less than US$75 on the Nymex, while Brent crude on London's ICE Futures exchange rose past US$75. Monday ushered in strong crude ooil prices in Asia but high inventory levels keep market sentiments bearish.

For more details on Crude prices on the rise, but high stockpiles keep sentiments bearish click here

Cereplast introduces 11 new grades of Compostables® resins

Cereplast, Inc. has introduced 11 new grades of Cereplast Compostables® resins to meet the increasing demand for improved productivity across all conventional plastic processing techniques while also improving physical property performance.

For more details on Cereplast introduces 11 new grades of Compostables® resins click here

Import HDPE film market in Egypt under pressure from Turkey, China

Middle Eastern producers announced reductions of US$10-70/ton on their initial June HDPE film prices by from their May levels in Egypt, as per Chemorbis. However, the lower prices in Egypt are still aat a premium vs the prices by the same producers in Turkey and China.

For more details on Import HDPE film market in Egypt under pressure from Turkey, China click here

500 tariff reductions under a landmark trade deal between China and Taiwan

500 Taiwanese items including petrochemicals, machinery, auto parts and textile products constitute the first batch of products (accounting for 15% of Taiwan's exports to China) to benefit from tarifff reductions under a landmark trade deal between Taiwan and China.

For more details on 500 tariff reductions under a landmark trade deal between China and Taiwan click here

Trial runs conducted at Dung Quat PP plant

A polypropylene plant at Dung Quat Economic Zone has commenced trial runs this month. Under construction for three years, the refinery will have a capacity to produce 150,000 tpa. It has been built att a cost of US$232 mln by the Vietnam Oil and Gas Group.

For more details on Trial runs conducted at Dung Quat PP plant click here

KPC realises lower premium on full-range naphtha for August 10-July 11 loading

Weak petrochemical margins and ample arbitrage supplies have resulted in lackluster buying sentiments, affecting premiums realized by sellers. Premiums realized by Kuwait Petroleum Corp on full-range naphtha for August 2010 to July 2011 loading to Asian buyers have been lower premium as per Reuters.

For more details on KPC realises lower premium on full-range naphtha for August 10-July 11 loading click here

An invention that aims to extend shelf life of wine by limiting effects of oxidisation

Wine Preserva is an invention made from low density polyethylene that aims to extend shelf life by limiting the effects of oxidisation. The LLDPE disc when inserted in an opened bottle of wine the firrst glass is poured, floats on the surface of the wine, thus providing a lid and creating a barrier to oxidization, thus retaining aroma and taste characteristics of the wine.

For more details on An invention that aims to extend shelf life of wine by limiting effects of oxidisation click here

Novel antimicrobial polymers may help curb surgical site infections

New antimicrobial polymers may help curb surgical site infections (SSI) through the use of a novel antibiotic agent that can be incorporated into sutures. SSIs are the third most common hospital-acquiired infection and may be associated with severe morbidity and mortality.

For more details on Novel antimicrobial polymers may help curb surgical site infections click here

Petrochemical prices fall at a faster pace in May, dropping 7.5%

Petrochemical prices fell at a faster pace dropping 7.5% from US$1237/mt in April to US$1,44/mt as per the average daily price of Platts Global Petrochemical Index (PGPI). The April price downturn in olefins was passed on to aromatics and polymers in May signaling lower input costs for plastics.

For more details on Petrochemical prices fall at a faster pace in May, dropping 7.5% click here

Haldia Petrochemicals interested to source naphtha from IOC’s Paradip refinery

Haldia Petrochemicals Ltd is considering to source almost all its feedstock naphtha requirement from Indian Oil Corp’s Paradip refinery. Production is estimated to commence at Paradip in two years. Thhe proposal is at an initial stage, and will be followed by a round of discussions and a feasibility study as the materialization of such an arrangement will require laying of a dedicated 330 km pipeline from the refinery to the petrochemical complex in Haldia by IOC.

For more details on Haldia Petrochemicals interested to source naphtha from IOC’s Paradip refinery click here

Traders in China saddled with high PE stock levels

Despite steadily reducing purchases, several Chinese traders are finding themselves stuck with high stock levels they are unable to sell locally as demand weakens. As per Chemorbis, demand has weakeneed on concerns over sovereign debt crisis in Europe and the Chinese government’s own tightening monetary policies, in addition to the plunging energy sector which caused buyers to step away from the market.

For more details on Traders in China saddled with high PE stock levels click here

YNCC plans to augment No. 2 naphtha cracker capacity by 350,000 tons

South Korea’s leading ethylene maker Yeochun NCC Co. is mull augmenting capacity by 350,000 tons at its No. 2 naphtha cracker. With this, total capacity will rise to 920,000 tpa in 2012.


For more details on YNCC plans to augment No. 2 naphtha cracker capacity by 350,000 tons click here

45 day shutdown of all units planned by PetroRabigh at its complex in Q2-2011

Rabigh Refining and Petrochemical Co (PetroRabigh) plans to shut all units at its complex for 45 days during Q2-2011 for regular test and inspection.

For more details on 45 day shutdown of all units planned by PetroRabigh at its complex in Q2-2011 click here

Kuwaiti logistics major in joint venture with Borouge in for Logistics Hub in China

Kuwaiti logistics giant Agility has launched the Shanghai Logistics Hub, a joint venture with Borouge. The 66,000 sq m hub is poised to process up to 600,000 tpa of polyolefins from Borouge’s Abu Dhabbi plant, for export to the Asian market.

For more details on Kuwaiti logistics major in joint venture with Borouge in for Logistics Hub in China click here

NPRA Seeks Cooperation on Safety Issues at Refineries and Petrochemical Plants

Operators of petroleum refineries and petrochemical plants want to work closely with federal agencies, labor unions and others to make further progress in preventing injuries and fatalities at their ffacilities, the president of NPRA, the National Petrochemical & Refiners Association, told a Senate subcommittee.

For more details on NPRA Seeks Cooperation on Safety Issues at Refineries and Petrochemical Plants click here

PetroRabigh naphtha returns to being MTBE-free

PetroRabigh’s naphtha output is now MTBE-free. Naphtha from the plant has returned to normal after the gasoline-additive MTBE had contaminated some production. About 200,000 tonnes of Rabigh-grade napphtha for use as petrochemical feedstock contained high levels of MTBE.

For more details on PetroRabigh naphtha returns to being MTBE-free click here

Bearish demand outlook forces KPC to lower naphtha term offers twice

Expectations that demand from North Asian petrochemical plants is to shrink due to falling margins has weighed down Middle East naphtha prices this week. As reported by Reuters, the poor outlook has fforced Kuwait Petroleum Corp (KPC) to lower full-range naphtha term offers twice this week to US$22/ton premium.

For more details on Bearish demand outlook forces KPC to lower naphtha term offers twice click here

Reliance Industries to pick up energy assets including shale gas worth US$1 bln in USA

As part of its strategy to tap the growing world market for non-conventional energy, Reliance Industries is on the look out for new energy assets in USA and is expected to pick up energy assets includding shale gas worth US$1 bln.

For more details on Reliance Industries to pick up energy assets including shale gas worth US$1 bln in USA click here

PTT to delay plan to merge subsidiaries IRPC Plc, PTT Aromatics and Refinery Plc

Ongoing worries about legal issues as well as a not so robust business outlook under current feeble markets, has compelled PTT Plc to mull a decision about merger of its two subsidiaries. PTT has planns to delay merger of IRPC Plc and PTT Aromatics and Refinery Plc (PTTAR) from end of 2010, until early 2011.

For more details on PTT to delay plan to merge subsidiaries IRPC Plc, PTT Aromatics and Refinery Plc click here

Extra high temp PC copolymers in automotive headlamps

New high heat polycarbonate (PC) copolymers perform brilliantly in new high-heat headlamp applications, delivering outstanding thermal and color stability, excellent metallization performance and highh gloss.

For more details on Extra high temp PC copolymers in automotive headlamps click here

Declining PVC and PP from USA compete in global markets

Falling feedstock costs and overall weakness in the global PVC market has been pulling down US PVC offers in several major markets since the beginning of May. As per Chemorbis, regional offers to Turkkey have retreated by US$100-150/ton, and by US$110-130/ton to Egypt in this month, while import offers have retreated by US$80/ton in China within the same period.

For more details on Declining PVC and PP from USA compete in global markets click here

PPPs to be processed into polyurethanes and will involve the chemical bonding of CO2

Researchers from Bayer MaterialScience and Bayer Technology Services are working together with RWE Power AG and academic partner RWTH Aachen University on the sustainable use of carbon dioxide (CO2). At the heart of what has been called the “Dream Production” project, is construction and commissioning of a pilot plant at Chempark Leverkusen.

For more details on PPPs to be processed into polyurethanes and will involve the chemical bonding of CO2 click here

ONGC plans to bring in strategic partner for Dahej petrochem unit before IPO

Oil and Natural Gas Corp (ONGC) is in discussions with 3-4 overseas players for a private equity placement. ONGC plans to incorporate this strategic partner for its mega petrochemical plant before itss’ initial public offering (IPO) of the unit at Dahej, Gujarat.

For more details on ONGC plans to bring in strategic partner for Dahej petrochem unit before IPO click here

EU tariffs on UAE plastics exports kindles fears of trade protectionism in the euro zone

The EU has levied new tariffs on the UAE, Iran and Pakistan for polyethylene terephthalate, on grounds that EU producers were impacted by subsidies and price undercutting. Subsidies on oil helps petroochemical companies in the Gulf make products at about a twelfth of the cost of their EU counterparts.

For more details on EU tariffs on UAE plastics exports kindles fears of trade protectionism in the euro zone click here

Abundant supplies amid weak demand does not deter start up of ExxonMobil’s Singapore plant

Exxon Mobil Corp will not delay the start up of its new petrochemical plant in Singapore despite the glut in ethylene supplies. "We are into long-term investments. The petrochemical industry goes throough many cycles.

For more details on Abundant supplies amid weak demand does not deter start up of ExxonMobil’s Singapore plant click here

PetroChina Liaoyang Petrochemical Co's 1.4 mln tpa naphtha reformer scheduled for completion

PetroChina Liaoyang Petrochemical Company's 1.4 mln tpa naphtha reformer is scheduled to be completed by end of next month. As per Platts, commercial operation is scheduled to start in September at thhe reformer that utilizes UOP technology.

For more details on PetroChina Liaoyang Petrochemical Co's 1.4 mln tpa naphtha reformer scheduled for completion click here

Anticipation of rising fuel demand propels oil prices to near US$73 in Asia

Benchmark crude for July delivery rose to US$72.6 in Asia in electronic trading on the New York Mercantile Exchange. Oil prices were boosted by anticipation of rising fuel demand just prior to releasee of US weekly crude inventory data.

For more details on Anticipation of rising fuel demand propels oil prices to near US$73 in Asia click here

Technip awarded Three refinery contracts In India

French oil services company Technip SA has been awarded three turnkey contracts for Mangalore Refinery & Petrochemicals Ltd., worth €25 million, for the expansion project of a refinery in Mangalore. TThe contracts, which are scheduled to be completed in the first half of 2011 has been awarded for the Phase III Expansion Project to increase this refinery’s crude refining capacity to 15 mln tpa.

For more details on Technip awarded Three refinery contracts In India click here

Indian chemical industry to grow to US$150 bln by 2013

Riding on fast economic growth and strong domestic demand, the Indian chemical industry, consisting of petrochemicals, inorganic compounds and specialty products and gases is expected to burgeon into a US$150 bln market by 2013, as per global consultancy Deloitte.

For more details on Indian chemical industry to grow to US$150 bln by 2013 click here

Borouge starts operations at key units of phase II expansion at Ruwais

Borouge has started operations at key units - ethane cracker and polyethylene plant of the US$5 bln, phase two expansion of its facility at Ruwais. This 1.5 mln tpa cracker is the world’s biggest ethhane cracker, and will take 12 to 18 months to ramp up production to full capacity.

For more details on Borouge starts operations at key units of phase II expansion at Ruwais click here

Taiwan CPC relies on naphtha for cracking

The higher price of LPG vs naphtha has prompted Taiwan's CPC Corp. to sell the refrigerated LPG that it imports on term contract from Saudi Aramco in the domestic retail market, as per Platts. Petrocchemical makers typically switch from naphtha to LPG as cracker feedstock when LPG prices fall to around 90% or lower compared to the price of naphtha, or when LPG becomes at least US$50/MT cheaper than naphtha.

For more details on Taiwan CPC relies on naphtha for cracking click here

Propylene gas leak at Shell Motiva

A propylene gas leak has occurred at Shell Motiva. Authorities say the leak has been isolated and stopped and no other precautionary measures are needed. A road in the vicinity has been closed to traf

For more details on Propylene gas leak at Shell Motiva click here

Burgeoning petrochemical industry in Middle East seeks alternative feedstock

Polyethylene capacities in the Gulf will more than double from 10.7 mln tons in 2009 to 21.5 mln tons by the year 2015, polypropylene capacities will augment from 4.8 mln tons in 2009 to 9.5 mln tons by 2015, according to Dr.

For more details on Burgeoning petrochemical industry in Middle East seeks alternative feedstock click here

Total in talks with Saudi Aramco to build a cracker in Jubail

French oil major Total is in talks with state Saudi Aramco to build a cracker at their 400,000 bpd joint crude oil refinery in Jubail, as per Reuters. The refinery, which is export and domestic orientted, will produce 700,000 tpa of paraxylene, 140,000 tpa of benzene and 200,000 tpa of polymer-grade propylene.

For more details on Total in talks with Saudi Aramco to build a cracker in Jubail click here

Mexico's Pemex sues several oil trading companies for stolen oil

Mexico's state oil company Pemex is reported to have sued German chemical maker BASF AG and several oil trading companies as per Reuters. Pemex has alleged that these parties had illegally profited frrom processing stolen oil.

For more details on Mexico's Pemex sues several oil trading companies for stolen oil click here

Ethylene glut does not deter ExxonMobil, start up of Singapore petrochemical plant on schedule

Despite the current glut in ethylene supplies amid weakening buying sentiments and outlook, ExxonMobil will not delay the start up of its new petrochemical plant in Singapore. The ethylene cracker on Jurong Island has a capacity of 1 mln tpa.

For more details on Ethylene glut does not deter ExxonMobil, start up of Singapore petrochemical plant on schedule click here

Exxon Mobil testing commercial viability of algae biofuel as alternative energy source

Exxon Mobil Corp is testing the commercial viability of algae biofuel as an alternative energy source to supplement oil and natural gas. Although oil, coal and natural gas are expected to represent abbout 80% of global energy supply mix through 2030, nuclear and renewable energy such as wind, solar, geothermal and biofuels will play a significant role, ExxonMobil's senior vice president Andrew Swiger said.

For more details on Exxon Mobil testing commercial viability of algae biofuel as alternative energy source click here

Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended June 7, 2010

CRUDE OIL
Oil prices have ended the week of June 7, 2010 with a fall to levels around US$70 as slowing economic recovery in USA and warnings about Hungaary's debt dimmed outlook for energy demand.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended June 7, 2010 click here

Ethylene, propylene markets of USA post sizeable declines

US spot ethylene and propylene markets have posted large declines over the past two weeks on easing supply levels and poor buying interest, as per Chemorbis. Monthly contract prices for both monomers have also recently been settled with steep month over month decreases.

For more details on Ethylene, propylene markets of USA post sizeable declines click here

Asian cracker operators mull run rate cuts in H2-10 if earnings continue to erode

Asian naphtha cracker operators are considering a reduction in plant operating rates in H2-10, as per ICIS. Propped by robust variable margins of over US$400/ton helped by a strong performance in the olefins markets, Asian operators were running their naphtha crackers at 90-100% for first few months of the year.

For more details on Asian cracker operators mull run rate cuts in H2-10 if earnings continue to erode click here

Tamil Nadu government advocates second PCPIR besides the one already proposed

Tamil Nadu (TN) state has already proposed a Petroleum Chemicals and Petrochemicals Investment Region (PCPIR) to be set up in Cuddalore-Nagapattinam. A petroleum refinery project being implemented by Nagarjuna Oil Corporation, a joint venture of Tidco and Nagarjuna group, will be one of the anchor units in this PCPIR.

For more details on Tamil Nadu government advocates second PCPIR besides the one already proposed click here

Slowing US economic recovery, concerns over Hungary's debt, dim outlook for energy demand

Oil prices have fallen to levels around US$70 as slowing economic recovery in USA and warnings about Hungary's debt dimmed outlook for energy demand. US crude for July fell to US$69.5, before recoveriing to US$70.

For more details on Slowing US economic recovery, concerns over Hungary's debt, dim outlook for energy demand click here

Investigation into Formosa’s Naphtha Cracker No. 6 amid fears of contamination and health concern

The Environmental Protection Administration (EPA) is to investigate Formosa Plastics Group’s Naphtha Cracker No. 6 to find out the contribution and impact to the society made by the cracker. This detaailed report will be conducted amid fears of contamination and health concern from local inhabitants and environmental protection groups.

For more details on Investigation into Formosa’s Naphtha Cracker No. 6 amid fears of contamination and health concern click here

Naphtha prices in Asia tumble to a near two-week low

Open spec naphtha for H2-July have collapsed by over US30 to US$645/ton levels. Feeble petrochemical margins and abundant supplies have tanked naphtha cracks by over a dollar to US$110/ton - to a nearr two-week lows in Asia.

For more details on Naphtha prices in Asia tumble to a near two-week low click here

CIMB Investment Bank to be lead advisor for Petronas’ IPO for petrochemical business

CIMB Investment Bank Bhd is to be lead advisor for the initial public offering (IPO) of Petroliam Nasional Bhd’s (Petronas) petrochemical business. Deutsche Bank and Morgan Stanley will be the overseaas banks that will play an advisory role in the IPO.

For more details on CIMB Investment Bank to be lead advisor for Petronas’ IPO for petrochemical business click here

Range of impact PP copolymers offer major benefits in thin wall packaging

Shorter cycle times, lower energy costs, increased downgauging possibilities are being offered by SABIC®’s PP Flowpact range of impact copolymers, designed to provide major benefits to converters, parrticularly in thin wall packaging.

For more details on Range of impact PP copolymers offer major benefits in thin wall packaging click here

Players make their price forecasts for the future

The new ChemOrbis “Price Forecast” tool allows players to make their own forecasts and then compare them with the rest of the market for the following four weeks. It allows users to view the collectivve forecast broken down by traders/distributors, converters and producers.

For more details on Players make their price forecasts for the future click here

Borouge and ADNOC-Distribution initiate waste collection for recycling program

In recognition of the United Nations Environment Programme's (UNEP) World Environment Day (June 5), ADNOC-Distribution and Borouge have signed an agreement to provide consumer waste segregation and coollection facilities for the purpose of recycling at ADNOC service stations throughout the United Arab Emirates (UAE).

For more details on Borouge and ADNOC-Distribution initiate waste collection for recycling program click here

AP Government to invite bids for appointment of consultant for proposed PCPIR

The Andhra Pradesh Government is finalising the process to invite bids for the appointment of a consultant for the master plan for the proposed PCPIR (Petroleum, Chemicals and Petrochemical investmentt Region) planned along the Visakhapatnam-Kakinada coastal corridor.

For more details on AP Government to invite bids for appointment of consultant for proposed PCPIR click here

Government support to provide upto US$540 mln financing to Brazil’s biofuels sector

The Brazilian Innovation Agency (FINEP), and Brazil's National Development Bank (BNDES) entered a new partnership to promote ethanol development, establishing a program that will provide up to US$540 mln in financing to Brazil’s biofuels sector.

For more details on Government support to provide upto US$540 mln financing to Brazil’s biofuels sector click here

Samsung Technimont JV receive US$1.65 bln project from Borouge

Samsung Engineering and JV partner Tecnimont (Italy) received a contract for a US$1.25 polyolefin plant and a US$400 mln low density polyethylene (LDPE) plant from Abu Dhabi Polymers Co. Ltd (Borouge)), a JV of UAE's ADNOC and Austria's Borealis.

For more details on Samsung Technimont JV receive US$1.65 bln project from Borouge click here

Polyethylene prices fall in North America since beginning of May

Prices for high density and linear low density PE are down an average of 6 cents/lb and low density PE have fallen by an average of 4 cents, as per Plastics News. The fall has been triggered by lower ethylene prices amid lackluster domestic demand and erosion of export sales from the region as several buyers are switching from North American sources to the recently started up plants in the Middle East.

For more details on Polyethylene prices fall in North America since beginning of May click here

Propylene for June falls in USA as demand weakens

Propylene for June fell by 8 cents/lb (US$176/ton) on weaker demand and a persistent slide in spot prices, as per ICIS news. This takes polymer-grade propylene (PGP) to 55.50 cents/lb and chemical-graade propylene (CGP) to 54.

For more details on Propylene for June falls in USA as demand weakens click here

VCM dips in Asia as ethylene, PVC weaken

Spot VCM prices in Asia have begun to move downward after resisting the pull of the declining upstream ethylene and downstream PVC prices for some time, as per Chemorbis. This reduction in VCM prices will help Asian PVC producers shore up their margins after they had been forced to offer below cost levels so as to attract buying interest.

For more details on VCM dips in Asia as ethylene, PVC weaken click here

Middle East naphtha prices could rise as Rabigh-grade naphtha gets contaminated

Asian naphtha cracks hit a three-session high of US$119/ton mostly due to market reaction to contaminated cargoes from Rabigh, but saw limited price gains on heavy arbitrage arrivals- 1.2 mln tons of naphtha from refiners in Europe is scheduled to arrive within a couple of months.

For more details on Middle East naphtha prices could rise as Rabigh-grade naphtha gets contaminated click here

US economic data sparks a rally in global stock markets, crude oil returns to US$74

Trailing positive data of robust US home and auto sales reports that propped up Wall Street, oil prices have rebounded to levels of US$74. New York's main contract, light sweet crude for delivery in JJuly moved up to US74.

For more details on US economic data sparks a rally in global stock markets, crude oil returns to US$74 click here

World's largest Coal-to-Olefins project completed in China

Shenhua Baotou Coal-to-Olefins Project, the world's largest of its kind, was completed in Baotou, Inner Mongolia Autonomous Region. The project is a large coal chemical project in which coal is gasifiied into methanol, the methanol is transformed into olefin and the olefin is then polymerized into polyethylene and polypropylene.

For more details on World's largest Coal-to-Olefins project completed in China click here

A novel cranio-maxillofacial implant technology using PEEK-OPTIMA

A novel cranio-maxillofacial implant technology that uses an advanced polymer biomaterial, PEEK-OPTIMA® (from Invibio Biomaterial Solutions), to extend benefits to patients with severe malformation annd defects of the skull and facial region has been developed by the Maastricht University Medical Centre (MUMC+).

For more details on A novel cranio-maxillofacial implant technology using PEEK-OPTIMA click here

Additive aids degradation process of plastics: by photo degradation followed by biodegradation

The Industrial Technology Development Institute (ITDI), an agency under the Department of Science and Technology (DoST), has issued Environmental Technology Verification (ETV)-013 for an additive madde by a Fillipino company BioMate®.

For more details on Additive aids degradation process of plastics: by photo degradation followed by biodegradation click here

Market for bioplastics has promising growth projections for next five years in Brazil and Mexico

Brazil and Mexico are nascent markets for bioplastics when compared to those in Europe or USA. Bioplastics are currently penetrating such segments as food packaging and agricultural films as per a Frrost & Sullivan report.

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Israels’ ORL expects sales of petrochemicals, oil products to Turkey to remain unchanged

Israel’s Oil Refineries Ltd expects no change in sales of petrochemicals and oil products to Turkey. Figures are expected to be unchanged at about 7-9% of the company’s total revenue in 2010, and havee been released after the diplomatic storm caused by the IDF action against the Turkish flotilla to Gaza.

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Despite severe downturn globally, specialty chemical industry in China least affected due to government stimulus package

The specialty chemicals industry was valued at US$393 billion in 2009. By market value, the North American market accounted for 27% of global specialty chemicals consumption, followed by Western Europpe with 24%.

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IOC flags off polymer shipments from Panipat naphtha cracker

State-run Indian Oil Corp (IOC) has started shipments of polymers from its naphtha cracker at the Panipat refinery, marking IOC's entry in the polymer business. Production capacity includes 850,000 tppa of ethylene using the latest Lummus Global's patented technology.

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Engel to double injection molding machine manufacturing capacity in China

Austrian injection moulding machine manufacturer Engel, is set to double the potential output of its facility in China by next year, as per Plasticstoday. Boosted by demand from the automotive industrry, Engel is currently operating its Chinese facility at Shangahi at full hilt.

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A new polyamide high-performance composite material

Rhodia has unveiled its latest innovations including the announcement of the development of a new polyamide high-performance composite material. A direct result of Rhodia’s ongoing innovation strategyy, this material which complements its existing Technyl® line of injection, extrusion and blow molding products, represents a technological breakthrough in the area of thermoplastic composites.

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PP and PE rising in Italy, defying global downturn in polymer prices

For over a month, PP and PE markets have been falling in Asia amid persistently sluggish demand and plunging feedstock costs. As per Chemorbis, rising concerns regarding the health of the global econoomy following the debt crisis in Europe has weighed down buyers’ sentiment pushing them away from the market and forcing sellers to destock.

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Expansion to enable broad supply of Borealis solutions for wire and cable sector

Borealis’ Stenungsund expansion will enable broad supply of Borealis solutions for wire and cable sector. Borealis has completed an over €400 mln investment at its plant in Stenungsund, Sweden. A new 350,000 tpa high pressure LDPE plant along with modernised compounding and material-handling facilities were officially inaugurated on June 2, 2010, increasing total capacity at the site from 580,000 tpa to 700,000 tpa.

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Repsol restarts 450,000 tpa PO-SM facility at Tarragona

Repsol has restarted its 450,000 tpa propylene oxide-styrene monomer (PO-SM) facility at Tarragona, Spain as per Platts. The unit had a 50 day planned shutdown and is expected to commence startup proccedures on May 30-31, on target.

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PetroRabigh discovers MTBE in Rabigh naphtha

PetroRabigh has discovered methyl tertiary butyl ether (MTBE) in Rabigh naphtha, a grade used specifically for cracking in petrochemical plants. About 200,000 tons of Rabigh-grade naphtha contains a hhigh amount of the gasoline-additive MTBE- more than eight times the permissible MTBE levels in open-spec grade.

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China's mould & die industry has grown at an average of 15% pa since 2000

Since 2000, China's mould & die industry has grown at an average of 15% pa, with its total output value ranking in the world's third place as per researchandmarkets.com. The 2009 economic meltdown exeerted a negative influence on China's mould industry: the annual output was no more than 9.

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Reliance Industries mulls revival of petrochemical plant

Reliance Industries Ltd. may start work on a multibillion-dollar chemical plant this year, reviving a project to meet India’s surging demand for the raw materials for plastics, drugs and textiles, as per Bloomberg.

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PE bags and wraps recycling rate doubled from 2005 to 2008

The recycling rate for polyethylene bags and wraps doubled from 2005 to 2008 to 832 bln lbs, growing 28% since 2005, as per the United States Environmental Protection Agency (EPA). This strong growth rate even continued in 2008 when the economy was in a global recession.

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Oil prices dip to levels below US$72 as manufacturing growth in May falls globally

Dipping below US$72, crude oil prices seem set to fall for a consecutive session after release of negative economic data that showed that manufacturing growth fell across the globe in May. These downnbeat figures coupled with falling European equities and the euro's slide has fuelled worries about the impact of the European debt crisis on global fuel demand recovery that is still viewed as delicate by many.

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Solvay, Thinfilm in commercial agreement to market Solvene polymer for applications in printed electronics

Solvay Solexix will begin to market its newly-developed Solvene polymer for applications in printed electronics with its partner Thin Film Electronics ASA. Thinfilm and Solvay started collaboration, iin 2007, in the field of polymer printed memories, with the goal to optimize Solvay's ferroelectric polymer materials to enhance the performance of Thinfilm's memory technology.

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EQUATE and TKOC announce Q1-10 combined profits at US$222 million

EQUATE Petrochemical Company and The Kuwait Olefins Company (TKOC) have announced that their combined profits for the first quarter of 2010 reached US$222 million. Commenting on this matter, EQUATE CFFO Abdulkarim Mubarak said such results were ratified by the board of directors during a meeting held earlier in June, adding that such results were realized due to the petrochemical market’s noticeable positive performance and the company’s distinguished performance.

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Mid-Eastern PP, PE offers revealed lower to Turkey, Egypt

Steep declines in the upstream chain in May have seen spot ethylene and propylene prices in Asia close the month of May with monthly losses of US$310/ton and US$250/ton respectively, as per Chemorbis..

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United Petrochemical Co to invest US$700 mln in PTA and PET plants in Kuwait

United Petrochemical Co is to build two petrochemical plants at the cost of US$700 mln in Kuwait. The new entity has been formed by Kuwait's Qurain Petrochemical Industries Co and United Industries Coo in a 90:10 venture.

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Margins shrink at US steam crackers as spot ethylene dips and ethane inch higher

US steam cracker operators saw margins shrink this week as spot ethylene prices moved lower and ethane prices inched higher, as per Platts.
Spot ethylene fell three cents/lb on the week while spot eethane values gained roughly the same.

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Crude oil rises on news of stronger than anticipated U.S. manufacturing

The Institute for Supply Management's manufacturing index fell to 59.7% in May from 60.4% in April, while the consensus forecast called for a decrease to 59%. This stronger than anticipated growth in key economic indicator has propped up oil prices.

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New resins give photovoltaic customers cost-productivity and global regulatory compliance

In 2010, global cumulative installed photovoltaic (PV) capacity is expected to grow by at least 40%, with compounded annual growth estimated at 20%. As demand for solar power rises, SABIC Innovative PPlastics is helping to drive the viability of this much sought-after energy source into worldwide mainstream use.

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Xiran® SMA as additive for amorphous thermoplastics

Styrene maleic anhydride, long established as a high performance thermoplastic in its own right, is now finding increasing use as a functional additive and compatibilizer in other amorphous and to somme extent crystalline thermoplastics.

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Mitsubishi to invest in growing businesses of methyl methacrylate monomer, bio plastics

Mitsubishi Chemical Holding is keen to invest in growing businesses such as methyl methacrylate monomer or bioplastics. Mitsubishi Rayon, which will become a wholly owned subsidiary of Mitsubishi Chemmical from October 1, 2010, has been in negotiations with Saudi Basic Industries Corp.

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Two new railroad bridges from recycled plastics for the US army

Two new railroad bridges made from 100% recycled post-consumer and post-industrial plastics have been completed at the US Army’s Fort Eustis in Virgina. NJ headquartered Axion International Inc. has bbuilt the two bridges.

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Mitsubishi to cut ethylene production at Mizushima by 20%

In May 2011, after a planned turnaround, Mitsubishi Chemical Holdings plans to cut ethylene production capacity at its 470,000 tpa sole naphtha-fed steam cracker at Mizushima by 20%. Capacity will be trimmed to 380,000 tpa, in line with the company's agreement with Asahi Kasei to jointly operate their Mizushima steam crackers, by setting up a 50:50 joint venture company.

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Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended May 31, 2010

CRUDE OIL
US crude oil for July delivery rose to US$74.4, while London Brent crude settled at US$74.6 in the week of May 31, 2010. Propped by improving ecconomic figures and China's display of support for Europe's recovery, oil prices have risen past US$75 a barrel on Friday.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended May 31, 2010 click here

Southeast Asian producers announce price reductions on PP and PE offers

Southeast Asian producers have announced price reductions on their PP and PE offers in both the import and the local markets for the month of June. As per Chemorbis, producers pointed to persistently sluggish demand as the main reason behind the price reductions.

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New high performance polyurethane foam products

A range of new high performance polyurethane foam products have been introduced by Momentive Performance Materials. The new materials may be considered for use across a wide variety of applications, iincluding slabstock, molded, rigid and special foams.

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Mitsubishi-Asahi Kasei merger to cut ethylene capacity by 30% by 2012

Post merger of their ethylene operations, Mitsubishi Chemical Holdings Corp. and Asahi Kasei Corp. plan a 30% reduction in ethylene capacity, trimming production costs by 3-4 bln yen by 2012. The two petrochemical majors will merge their ethylene operations under a 50-50 joint venture on April 1, 2011 to run their plants at a petrochemical complex in Okayama Prefecture.

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Oil sees biggest monthly loss in 18 months on European crisis

US crude oil for July delivery rose to US$74.4, while London Brent crude settled at US$74.6 amid lackluster trade, as public holidays kept the markets in USA and UK closed on Monday. The euro saw a moodest rise vs the dollar, and markets in Asia and Europe edged higher, but remained under pressure following Fitch's downgrade of Spain's credit rating.

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KPC expresses interest in Rs 22,300 cr Paradip petrochemical project, IOC to revive project

Indian Oil Corporation is to revive the Rs 22,300 crore petrochemical project at Paradip after Kuwait Petroleum Corporation expressed an interest in picking up a stake. As the company's finances show better prospects, restart of the suspended petrochemical project is being considered.

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New random copolymer increases levels of optical performance, energy savings

A new PP random copolymer - SABIC® PP Qrystal significantly increases the competitive edge of converters, enabling them to offer new levels of optical performance in their products while making energyy savings during production.

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Dung Quat Oil Refinery, Viet Nam's first, completed after 44 months of construction

Viet Nam's first oil refinery has been completed after 44 months of construction. Operations have resumed at the Dung Quat Oil Refinery after Technip officially handed over the refinery over to Binh SSon Petrochemical Refinery Company.

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PowerSeries shows top-class performance at the WITTMANN BATTENFELD Competence Days 2010

Visitors from more than 30 countries accepted the WITTMANN Group’s invitation to attend the Competence Days 2010, which took place on 28 and 29 April in Kottingbrunn (Austria). “Simply the Best” was tthe motto, under which experts of the WITTMANN group presented latest innovations and process technologies to interested trade visitors.

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